Page 20 - Future Group News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Lenders to Bansi Mall Management Co (BMMCPL), which owns SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi poceedings to recover their dues totalling ₹571 crore. Canara Bank and Punjab National Bank (PNB) are the two primary charge holders as they are direct lenders to the company. Canara Bank is the lead lender with ₹131 crore of loans outstanding, while PNB has primary dues of ₹90 crore, people familiar with the matter said.

Future Retail: Some banks are opposed to taking up the resolution plan submitted by SpaceMantra as it is too close to the liquidation value, while some others are inclined to accept the only offer on the table. Voting was supposed to end on Thursday but has now probably been extended until September 15, people familiar with the process said.

Future Consumer Ltd has announced the sale of its dairy business, Nilgiri Dairy Farm, to AVA Cholayil Healthcare for Rs 67 crore. This move will help Future Consumer monetize its assets and address its debt issues. The sale includes the transfer of all operations related to the dairy business, including franchisee operations, retail trade operations, and the sourcing, processing, packaging, and marketing of dairy products, bakery products, FMCG, staples, and other products.

Future Enterprises' creditors were informed at a meeting on Thursday that an extension had been sought by both prospective bidders who were due to submit formal offers on 24th August. The bid deadline has now been extended to 25th September, according to the sources.

Future Group: These provisions are ultra vires the Act as they operate to obstruct/delay the recovery of loans by banks and other financial institutions and also “confer drastic and extraordinary powers” upon the tribunal to pass interim exparte order without prima facie satisfying that the conditions required for such restraint orders are met, the petition filed through counsel Pallavi Pratap stated.